Patrick L. McDonald, president and chief executive officer, stated, We are pleased with our second quarter results, which demonstrate the benefits from improvements we have made in our operational process execution. Through these efforts, we have been able to strengthen our cash flow and our balance sheet. In addition, we continue to deliver a solid value proposition to our customers through our ability to be agile and responsive in both design solutions and project management.”
Our focus remains on new market opportunities for Powell, as well as leveraging our strength in the packaging of systems and solutions. Current economic conditions have impacted our short-term opportunities as customers re-evaluate their capital projects. However, our long-term prospects continue to be bright as the world will need more energy in the future and Powell will play a significant role in helping our customers deliver it to the marketplace.
Powell’s backlog as of March 31, 2009 was $486 million compared to $509 million as of December 31, 2008 and compared to $537 million at the end of last year’s second quarter. New orders placed during the second quarter of fiscal 2009 totaled $154 million compared to $172 million in the first quarter of fiscal 2009 and compared to $196 million in the year-ago quarter.
Year-To-Date Results:
Revenues for the first six months of fiscal 2009 were $334.6 million compared to revenues of $307.5 million for the first half of fiscal 2008. Net income for the first six months was $16.7 million, or $1.45 per diluted share, compared with the net income of $9.6 million, or $0.84 per diluted share, in the year-ago period.
